SAN DIEGO, April 7, 2021 /PRNewswire-PRWeb/ -- Griffin Funding, a San Diego-based mortgage company, is bringing back non-qm loans for home buyers that don't have the traditional documentation needed to qualify for a home, such as self employed and gig workers.
When the Corona Virus first hit the U.S. back in March 2020, many investors and banks were concerned they would see another 2007 recession. This caused many to pull their investments and no longer offer funding for home loans. Luckily the government stepped in and backed servicers for all qualified mortgage loans. Unfortunately, this did not cover non-qm loans and many were unable to secure a loan or were in the midst of processing their loan and lost the funding.
"Many of our clients are successful self-employed business owners looking to purchase or refinance a home and opt for our bank statement loans, one of our most popular non-qm loans," says Griffin Funding CEO Bill Lyons. "It was disheartening to no longer be able to help these people buy or refinance their dream home, especially in these uncertain times."
Now —after a year into the COVID pandemic — investors that were expecting a massive uptick in defaulting on mortgage payments, especially from self-employed and gig workers, are seeing the opposite.
"The big banks, lenders and investors are recognizing that non-qualifying borrowers does not mean non-reliable," says Lyons. "Many of these borrowers are qualified in non-traditional ways because their W-2 or tax returns don't show a complete picture of their actual income. But the reality is they are more than qualified."
The roll out of non-qm loans will be more focused and less risky with the types of programs available. Griffin Funding looks forward to once again offering:
Bank Statement Loans
No Income Investment Loans
Asset-Based Loans
Foreign National Loans
Interest-Only Home Loans
Recent Credit Event Loans
"We have gotten a lot of inquiries on these types of loans, so we are excited to finally be able to service these clients," says Lyons. "We are very focused and ready to take non-qm loans to the next level."
Founded in 2013, Griffin Funding currently operates in Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Maryland, Michigan, Montana, Tennessee, Texas, and Washington.
About Griffin Funding
Griffin Funding's mission to serve its customers with honesty, integrity, and competence is fulfilled each day it provides veterans and their families with the lowest interest rates and closing costs possible. Through Griffin Funding's wide selection of loan services, the company offers 5-star customer service and competitive rates in minutes. Its loan specialists take a customized approach to each client, striving to understand and meet individual needs and looking ahead to create long-term plans for the future. For more information on Griffin Funding, visit Griffinfunding.com.
Media Contact
Evan Kidwell, Griffin Funding, +1 8005275910, [email protected]
SOURCE Griffin Funding
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